Killy_Mel
Panjang

MACRO VIEW: S&P500 CANCELS DOWNWARD RISK

AMEX:SPY   SPDR S&P 500
S&P 500             closed today above key level, which is the downtrend border in relation to 1-year and quarterly mean.

The level is the lower 1st standard deviation from 1-year and quarterly means aligned, now standing at 197.5

The close above cancels downward risk that was initiated during late August selloff - and if price trades above it from now on - it will likely to continue its lateral uptrend, started back in the beginning of 2013
i believe SPY is bullish because of the ascending triangle it has formed.i have been adding to my longs at the ascending triangle support line(50%)position(sept.4,10,11,14,15) and will add the remainding 50% position once we break and close above 200 on SPY
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Killy_Mel jamesbrown
Great) dont forget to hedge yout bet!)
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